Mikes Wave Trend Clone
The Mikes Wave Trend Clone AFL in Amibroker is a derivative indicator designed to identify trend reversals or continuations. Leveraging amibroker data feed functionalities enables traders to analyze market trends and potential turning points. This AFL aids traders in understanding market dynamics and making informed decisions based on trend indications.
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SetChartOptions(0,chartShowArrows|chartShowDates);
SetChartBkGradientFill( ParamColor("Inner panel upper",colorBlack),ParamColor("Inner panel lower",colorBlack));
ChannelPeriods = Param("Channel Periods",10,1,50,1);
AvgPeriods = Param("Average Periods",21,1,50,1);
OverBought = Param("Over Bought Line",64,0,100,1);
OverSold = Param("Over Sold Line",-64,-100,0,1);
ColTCI = ParamColor("TCI Line Color",colorBrown);
ColOB = ParamColor("Over Bought Color",colorRed);
ColOS = ParamColor("Over Sold",colorGreen);
XSpace = Param("GraphXSpace",7,0,20,0.5);
n1 = ChannelPeriods; // Channel periodsdefault is 10.
n2 = AvgPeriods; // Average periodsdefault is 21.
AP = Avg; //Typical Price
ESA = EMA(AP, n1);
D = EMA(abs(AP - ESA), n1);
CI = (AP - ESA) / (0.015 * D);
TCI = EMA(CI, n2);
WaveTrend1 = TCI;
WaveTrend2 = MA(WaveTrend1,4);
myColor = IIf (WaveTrend1 > WaveTrend2, colorBrightGreen,IIf (WaveTrend2 > WaveTrend1, colorRed ,colorLightYellow));
Plot(WaveTrend1,"WTrnd1 ",myColor,styleDots | styleThick);
//Plot(WaveTrend2,"WaveTrend2",colorLightYellow,styleDashed);
Plot(WaveTrend2,"WTrnd2",ParamColor("Signal Line color", colorLightBlue),styleDots);
Plot(OverBought,"OB Line",ColOB,8+16);//|styleNoLabel);//8+16
Plot(OverSold,"OS Line",ColOS,8+16);//|styleNoLabel);
Plot(n1,"Channel Periods",colorLightBlue,styleNoLabel |styleNoRescale |styleNoDraw);
Plot(n2,"Avg Periods",colorBlue,styleNoLabel |styleNoRescale | styleNoDraw);
Plot(0,"",colorRed,styleNoLabel);
//Plot(100,"",9 ,styleOwnScale | styleArea | styleNoLabel,-5,100);
//Background pane coloring
GraphXSpace = XSpace;